Lockdown 4.0 comes with Rs 20 lakh cr package
In his address to the nation on Tuesday, Prime Minister Shri Narendra Modi announced a Rs 20-lakh-crore stimulus package to stir up economic activity in the country, which had suffered on account of the halt of production in the face of corona-induced lockdowns. The Union Finance Minister Smt. Nirmala Sitharaman will unveil the details of the plan starting today.
The Atmanirbhar Bharat Abhiyaan, injects an amount equivalent to about 10% of India’s GDP into the economy, with the aim to shun the country’s import dependence and to make it self-reliant so that crises such as the Covid-19 pandemic can be overcome more easily in future. It includes earlier packages announced by the government (on 26 March) and the Reserve Bank of India and has been designed to promote business, attract investments, and further strengthen ‘Make in India’.
“These reforms include supply chain reforms for agriculture, rational tax system, simple and clear laws, capable human resources and a strong financial system,” PM Modi explained. It will cater to numerous sectors including the cottage industries, micro, small & medium enterprises (MSMEs), the working class, middle class and industry, among others. It will revolve around land, labour, liquidity and laws. He added that this new self-reliant India will stand tall on 5 concrete pillars- the economy, infrastructure, system, demography and demand.